Why Private Equity

Important Disclosure Information

BXPE is offered pursuant to private placement. This website, including the materials available herein, is neither an offer to sell nor a solicitation of an offer to buy any security and none should be inferred. The offering is made only by the PPM (as defined below). This website must be read in conjunction with BXPE’s confidential amended and restated private placement memorandum (as may be amended and supplemented from time to time, the “PPM”) in order to fully understand all the implications and risks of an investment in BXPE. Capitalized terms used but not defined have the meanings set forth in the PPM.

The following important information, together with the information available at the Legal, Privacy Notice and Transparency & Disclosure tabs of this website (collectively, the “terms of use”), governs your use of this website. Your use of this website and the materials herein constitute your acceptance of these terms of use. If you do not agree with the terms of use, you should immediately cease use of the website and review of the materials.

The terms “BXPE,” “we,” “us” or “our” collectively refer to Blackstone Private Equity Strategies Fund L.P. (the “Fund” or “BXPE U.S.”), Blackstone Private Equity Strategies Fund (TE) L.P. (together with its consolidated subsidiary, the “Feeder”), BXPE US Aggregator (CYM) L.P. and any parallel funds, as the context requires. The term “Blackstone” refers to Blackstone Inc. and its affiliates. Unless otherwise noted, the information referenced herein is as of April 30, 2026. Further, the statements contained herein represent Blackstone’s view of the current market environment as of the date appearing herein which is subject to change. Past performance does not predict future returns. There can be no assurance that any Blackstone fund or investment will be able to implement its investment strategy, achieve its objectives, or avoid substantial losses.

This material makes reference to Blackstone Inc. (“Blackstone”), a premier global investment manager. Information regarding Blackstone and Blackstone Private Wealth is included to provide information regarding the experience of the general partner and investment manager (as the context or applicable law requires, individually and collectively, the “Sponsor”) and their affiliates. An investment in BXPE is not an investment in our Sponsor or Blackstone as BXPE is a separate and distinct legal entity.

Additional Detail on Performance Methodology

This material contains references to our net asset value (“NAV”) and NAV based calculations, which involve significant professional judgment. Our NAV is generally equal to the fair value of our assets less outstanding liabilities, calculated in accordance with BXPE’s valuation policy. The calculated value of our assets and liabilities may differ from our actual realizable value or future value which would affect the NAV as well as any returns derived from that NAV, and ultimately the value of an investor’s investment. As return information is calculated based on NAV, return information presented will be impacted should the assumptions on which NAV was determined prove to be incorrect. NAV in accordance with BXPE’s valuation policy may differ from the Fund’s NAV as determined in accordance with accounting principles generally accepted in the United States of America.

Summary of Risk Factors

BXPE is an investment program designed to offer eligible investors access to Blackstone’s private equity platform. BXPE will seek to meet its investment objectives by investing primarily in privately negotiated investments leveraging the talent and investment capabilities of Blackstone’s private equity platform to create an attractive portfolio of alternative investments diversified across geographies and sectors. Investing in our Units involves a high degree of risk. If we are unable to effectively manage the impact of these risks, we may not meet our investment objectives and, therefore, you should purchase our Units only if you can afford a complete loss of your investment. Some of the more significant risks relating to our business, this offering and investment in our Units include:

• Although the investment professionals of the Sponsor and Blackstone have extensive investment experience generally, including extensive experience operating and investing for Blackstone’s private equity platform, BXPE has a limited operating history. Therefore, prospective investors will have a limited track record or history upon which to base their investment decision. The Sponsor cannot provide assurance that it will be able to successfully implement BXPE’s investment strategy, or that investments made by BXPE will generate expected returns.
• This is a “blind pool” offering and thus you will not have the opportunity to evaluate our future investments before we make them.
• We do not intend to list our Units on any securities exchange, and we do not expect a secondary market in our Units to develop. In addition, there are limits on the ownership and transferability of our Units. For example, we may restrict transfers that would violate the Securities Act of 1933, as amended (the “Securities Act”), any state securities laws or other applicable laws, cause us to lose our status under the Internal Revenue Code of 1986, as amended (the “Code”) or become required to register under the Investment Company Act of 1940, as amended. As such, we can be described as illiquid in nature.
• BXPE U.S. has implemented a Unit redemption plan. Unitholders of the Feeder, as indirect Unitholders of BXPE U.S., will have the right to participate in the Unit redemption plan on the same terms as the direct Unitholders of BXPE U.S., however, there is no guarantee that we will be able to make such redemptions. Furthermore, if we do make such redemptions, only a limited number of Units will be eligible for redemption and redemptions will be subject to available liquidity and other significant restrictions. This means that an investment in our Units will be more illiquid than other investment products or portfolios. In addition and subject to limited exceptions, any redemption request of Units that have been outstanding for less than two years will be subject to an early redemption deduction.
• An investment in our Units is not suitable for you if you need ready access to the money you invest.
• None of our Units have voting power. Unitholders are not entitled to nominate, or vote in the election of, the Fund’s or the Feeder’s directors. Further, Unitholders are not able to bring matters before meetings of Unitholders or nominate directors at such meeting, nor are they generally able to submit Unitholder proposals under Rule 14a-8 of the Securities Exchange Act of 1934 (“Exchange Act”). Overall responsibility for the Fund’s and the Feeder’s oversight rests with the general partner, subject to certain oversight rights held by the Fund board of directors and Feeder board of directors.
• The Fund limited partnership agreement as amended and Feeder limited partnership agreement designate courts in the State of Delaware or, to the extent subject matter jurisdiction exists, the United States District Court for the District of Delaware as the exclusive forum for actions or proceedings related to the Fund limited partnership agreement as amended and Feeder limited partnership agreement or federal securities laws and the rules and regulations thereunder, which could limit our Unitholders’ ability to obtain a favorable judicial forum.
• The purchase and redemption price for our Units are based on our net asset value (“NAV”), calculated in accordance with the valuation policy that has been approved by the Fund board of directors, and are not based on any public trading market. While there will be independent valuations of our private equity investments from time to time, the valuation of private equity investments is inherently subjective and our NAV may not accurately reflect the actual price at which our Investments could be liquidated on any given day.
• The acquisition of investments may be financed in substantial part by borrowing, which increases our exposure to loss at the investment level. The use of leverage involves a high degree of financial risk and will increase the exposure of the investments to adverse economic factors.
• The private equity industry generally, and BXPE’s investment activities in particular, are affected by general economic and market conditions, such as interest rates, availability and spreads of credit, credit defaults, inflation rates, economic uncertainty, changes in tax, currency control and other applicable laws and regulations, trade barriers, technological developments and national and international political, environmental and socioeconomic circumstances. Identifying, closing and realizing attractive private equity investments that fall within BXPE’s investment mandate is highly competitive and involves a high degree of uncertainty.
• BXPE’s investments may be concentrated at any time in a limited number of industries, geographies or investments, and, as a consequence, may be more substantially affected by the unfavorable performance of even a single Investment as compared to a more diversified portfolio.
• We are dependent on the Sponsor to conduct our operations, as well as the persons and firms the Sponsor retains to provide services on our behalf. The Sponsor faces conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and other Blackstone funds, the allocation of time of its investment professionals and the substantial fees that we pay to the Sponsor.

For more information on BXPE’s business, including the material risks and financial information, see BXPE’s annual report on Form 10-K for the most recent fiscal year, and any such updated information included in BXPE’s periodic filings with the Securities and Exchange Commission (“SEC”), each of which are accessible on the SEC’s website at www.sec.gov.

Assets under management (“AUM”) is estimated and unaudited as of March 31, 2026. There can be no assurance that any Blackstone fund, investment or acquisition will achieve its objectives or avoid substantial losses.

Conflicts of Interest. There may be occasions when BXPE’s investment manager, and its affiliates will encounter potential conflicts of interest in connection with BXPE’s activities including, without limitation, the allocation of investment opportunities, relationships with Blackstone’s and its affiliates’ investment banking and advisory clients, and the diverse interests of BXPE’s investor group. There can be no assurance that Blackstone will identify, mitigate, or resolve all conflicts of interest in a manner that is favorable to BXPE.

Highly Competitive Market for Investment Opportunities. The activity of identifying, completing and realizing attractive investments is highly competitive, and involves a high degree of uncertainty. There can be no assurance that BXPE will be able to locate, consummate and exit investments that satisfy its objectives or realize upon their values or that BXPE will be able to fully invest its available capital. There is no guarantee that investment opportunities will be allocated to BXPE and/or that the activities of Blackstone’s other funds will not adversely affect the interests of BXPE.

Lack of Liquidity. There is no current public trading market for the Units, and BXPE does not expect that such a market will ever develop. Therefore, redemption of Units by BXPE will likely be the only way for you to dispose of your Units. BXPE expects to redeem Units at a price equal to the applicable NAV as of the redemption date and not based on the price at which you initially purchased your Units. Units redeemed within two years of the date of issuance will be redeemed at 95% of the applicable NAV as of the redemption date, unless such deduction is waived by BXPE in its discretion, including without limitation in case of redemptions resulting from death, qualifying disability or divorce. As a result, you may receive less than the price you paid for your Units when you sell them to BXPE pursuant to BXPE’s Unit redemption plan.

The vast majority of BXPE’s assets are expected to consist of private equity investments and other investments that cannot generally be readily liquidated without impacting BXPE’s ability to realize full value upon their disposition. Therefore, BXPE may not always have a sufficient amount of cash to immediately satisfy redemption requests. As a result, your ability to have your Units redeemed by BXPE may be limited and at times you may not be able to liquidate your investment.

No Assurance of Investment Return. An investment in BXPE is speculative and involves a high degree of risk. There can be no assurance that BXPE will achieve comparable results, implement its investment strategy, achieve its objectives or avoid substantial losses or that any expected returns will be met (or that the returns will be commensurate with the risks of investing in the type of transactions described herein). The portfolio companies in which BXPE may invest (directly or indirectly) are speculative investments and will be subject to significant business and financial risks. BXPE’s performance may be volatile. An investment should only be considered by eligible investors who can afford to lose all or a substantial amount of their investment. BXPE’s fees and expenses may offset or exceed its profits.

Recent Market Events Risk. Local, regional, or global events such as war (e.g., Russia/Ukraine), acts of terrorism, public health issues like pandemics or epidemics (e.g., COVID-19), recession, or other economic, political and global macro factors and events could lead to a substantial economic downturn or recession in the U.S. and global economies and have a significant impact on BXPE and its Investments. The recovery from such downturns is uncertain and may last for an extended period of time or result in significant volatility, and many of the risks discussed herein associated with an investment in BXPE may be increased.

Target Allocations. There can be no assurance that BXPE will achieve its objectives or avoid substantial losses. Allocation strategies and targets depend on a variety of factors, including prevailing market conditions and investment availability. There is no guarantee that such strategies and targets will be achieved and any particular investment may not meet the target criteria.

Case Studies. The selected investment examples, case studies and/or transaction summaries presented or referred to herein may not be representative of all transactions of a given type or of investments generally and are intended to be illustrative of the types of investments that have been made or may be made by BXPE in employing its investment strategies. It should not be assumed that BXPE will make equally successful or comparable investments in the future. Moreover, the actual investments to be made by BXPE or any other future fund will be made under different market conditions from those investments presented or referenced herein and may differ substantially from the investments presented herein as a result of various factors. The selected investment examples, case studies and/or transaction summaries presented or referred to herein have involved Blackstone professionals who will be involved with the management and operations of BXPE as well as other Blackstone personnel who will not be involved in the management and operations of BXPE. Certain investment examples described herein may be owned by investment vehicles managed by Blackstone and by certain other third-party equity partners, and in connection therewith Blackstone may own less than a majority of the equity securities of such investment.

Trends. There can be no assurances that any of the trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results.

Reliance on Key Management Personnel. The success of BXPE will depend, in large part, upon the skill and expertise of certain Blackstone professionals. In the event of the death, disability or departure of any key Blackstone professionals, the business and the performance of BXPE may be therefore adversely affected. The BXPE Investment Committee and BXPE Senior Leadership professionals identified above are not solely dedicated to BXPE or any particular Blackstone business and will perform work for other Blackstone business units. Conflicts are expected to arise in the allocation of such personnel’s time (including as a result of such personnel deriving financial benefit from these other activities, including fees and performance-based compensation). Further, there can be no assurance that such professionals will be associated with BXPE throughout the life of BXPE.

Blackstone Proprietary Data. Certain information and data provided herein is based on Blackstone proprietary knowledge and data. Portfolio companies may provide proprietary market data to Blackstone, including about local market supply and demand conditions, capital expenditures, and valuations for multiple assets. Such proprietary market data is used by Blackstone to evaluate market trends as well as to underwrite potential and existing investments. While Blackstone currently believes that such information is reliable for purposes used herein, it is subject to change, and reflects Blackstone’s opinion as to whether the amount, nature and quality of the data is sufficient for the applicable conclusion, and no representations are made as to the accuracy or completeness thereof.

Third Party Information. Certain information contained on or available from this website has been obtained from sources outside Blackstone, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for purposes used herein, no representations are made as to the accuracy, fairness, correctness or completeness thereof and none of Blackstone, its funds, nor any of their affiliates takes any responsibility for, and has not independently verified, any such information. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates.

Opinions. Opinions expressed reflect the current opinions of BXPE as of the date appearing in the materials only and are based on BXPE’s opinions of the current market environment, which is subject to change. Financial professionals and prospective investors should not rely solely upon the information presented when making an investment decision and should review the offering materials. Certain information contained herein discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.

This material is not to be reproduced or distributed to any other persons and is intended solely for the use of the eligible recipients.

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Index Comparison. An investment in BXPE is not a direct investment in a private company, and has material differences from a direct investment in private equity, including those related to fees and expenses, liquidity and tax treatment. The volatility and risk profile of the indices presented is likely to be materially different from that of BXPE including those related to fees and expenses, liquidity, safety, and tax features. In addition, the indices employ different guidelines and criteria than BXPE; as a result, the holdings in BXPE may differ significantly from the holdings of the securities that comprise the indices. The indices are not subject to fees or expenses, are meant to illustrate general market performance, and it may not be possible to invest in the indices. The performance of the indices has not been selected to represent an appropriate benchmark to compare to BXPE’s performance, but rather is disclosed to allow for comparison of BXPE’s performance to that of well-known and widely recognized indices. A summary of the investment guidelines for the indices presented are available upon request. In the case of equity indices, performance of the indices reflects the reinvestment of dividends. BXPE does not trade on a national securities exchange, and therefore, is generally illiquid. Your ability to have your units repurchased through BXPE’s unit redemption plan may be limited and fees associated with the sale of these products can be higher than other asset classes. In some cases, periodic distributions may be subsidized by borrowed funds and include a return of investor principal. This is in contrast to the distributions investors receive from large corporate stocks that trade on national exchanges, which are typically derived solely from earnings. Investors typically seek income from distributions over a period of years. Upon liquidation, return of capital may be more or less than the original investment depending on the value of assets.

No Benchmark. BXPE is not managed in reference to any benchmark index.

Forward-Looking Statements

Certain information contained on or available from this website constitutes “forward-looking statements,” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “identified,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction” or the negative versions of these words or other comparable words thereof. These may include BXPE’s financial estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements with respect to acquisitions, statements regarding future performance, and statements regarding identified but not yet closed acquisitions. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. BXPE believes these factors also include but are not limited to those described under the section entitled “Risk Factors” in its annual report on Form 10-K for the most recent fiscal year, and any such updated risk factors included in its periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this website (or BXPE’s filings). Except as otherwise required by federal securities laws, BXPE undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.